Client Success Story:
Founded in 2011, CEO and Chief Product Architect Scott Selzer had simply set out to design a better pergola to improve the outdoor space for one of his clients. A middle-school teacher at the time, with a part-time remodeling business, Scott created his own product, a pivoting louvered-roof structure that the user could control, when he couldn’t locate one on the market. Little did he know he’d begun a journey that would lead to one of the fastest-growing privately held companies in the United States. Steady growth attracted top talent and led the company to open a state-of-the-art manufacturing facility and corporate headquarters just north of Atlanta, GA in 2016.
“When StruXure was expanding our business, we looked to First Bank of the Lake for support. The loan process was thorough yet straightforward, and the financing truly helped us improve production, create more jobs, and take our business to the next level.”
-Scott Selzer, CEO/President
In March 2018, First Bank of the Lake provided approval of a $4,294,820 SBA 7(a) International Trade Loan to Arcadia Building Products, Inc. The SBA loan proceeds were used for the purchase of the commercial real estate, refinance of all existing debt on more favorable terms, pay-down of accounts payable, purchase of inventory, and provide permanent working capital to accommodate the business’ physical expansion, including its significant increase of revenues. The loan was processed by First Bank of the Lake’s Eric Dunham, Vice President, SBA Manufacturing & Exporting Business Development Officer, with credit underwriting by Doug Clark.
Since its original financing from First Bank of the Lake, the company has continued expansion of its Dahlonega, GA manufacturing facility, and a west coast fulfillment center and showroom, located just outside of Las Vegas, NV, was added in the fall of 2017. The company’s ownership/management decided to change the company name to StruXure Outdoor and focus on their nationwide marketing efforts. With StruXure dealers from Canada to the Caribbean, the company is poised and ready to lead the way to more innovative outdoor living across North America and beyond. An excellent example of their recent success included StruXure Outdoor (and its Founder/CEO, Scott Selzer) and their innovative Pergola products recently being featured nationally on “Fox & Friends” television show.
We recently caught up with the team from StruXure and below is our conversation with Scott Selzer.
Q: What does your company do?
A: We make an innovative smart pergola system called Pergola X that transforms the way people live by bringing the indoors out.
Q: How did you use the First Bank of the Lake/SBA loan funds?
A: We used the funds to continue the company’s growth. Since the loan, sales have grown from $8 million in 2017 to an estimated $50 million in 2021. We’ve now been on the Inc 5000 Fastest Growing Company List for 7 years in a row.
Q: What was the economic impact and/or job creation of the funding?
A: StruXure had 33 employees at the time of application. As of today, we have 167 employees between our Georgia and Nevada locations.
Q: What was the impact to the local community?
A: We have become a significant source of new jobs in Lumpkin County and were named “Manufacturer of the Year” for Lumpkin County in 2020.
Q: What are the next steps for your business?
A: The future is extremely bright. As we constantly add new dealers, we expect Pergola sales to continue growing. We are coming out with a Cabana version of our pergola system in 2022 that will eventually be sold online, direct to the consumer.
As a nationwide SBA Preferred Lender, First Bank of the Lake has the resources and extensive experience needed to tailor solutions for your business and guide you down the path to success. Lending decisions are driven by our team of banking professionals who understand your business. We employ our creativity, understanding, experience and expertise to build the right solution for you.
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